Redfin published on Tuesday, June 9, its data analysis of the largest U.S. metros experiencing the most rampant uptick in home sellers, priming the way for buyers looking to cash in on their next residential property. Leading the pack, the Sun Belt region in America dominated with its staggering gain of home sellers, with nearly 47% more sellers than buyers, on average, in the U.S.
The biggest leaders behind this real estate flip? Austin trailed just behind Nashville and Miami as the No. 3 biggest driver of this buyer’s market season, with a staggering estimate of 116% more sellers than buyers in the Capital City. In Nashville, the Music City led at roughly 130% more sellers than buyers, while Miami was sandwiched between the two music havens at 122%.
Austin wasn’t lacking Lone Star company. Houston cinched the No. 4 position with 111% more sellers than buyers, while San Antonio rounded out the Top 5 at 108%.
“Listings are skyrocketing and buyers are being picky,” Aaron Glicken, a Nashville-based Redfin Premier agent, said in the report. “Sellers are still struggling to wrap their minds around lower prices, which is one reason so many listings are going stale: Many sellers won’t negotiate or lower their prices. At the same time, buyers are being very particular; they’re contending with high mortgage rates, more choices, and often only want to close a deal if sellers will negotiate.”
The reason for a Texas-centric Top 5? Texas, alongside fellow Sun Belt regions like Florida, has ramped up its home-building efforts compared to the Northeast and Midwest, increasing supply and giving buyers more choices, thereby holding the upper hand.
When analyzing the 50 largest metros in America, just seven of them boasted seller’s markets: Nassau County, New York; Milwaukee, Wisconsin; Montgomery County, Pennsylvania; Newark, New Jersey; New Brunswick, New Jersey; Providence, Rhode Island; and San Francisco, California.